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GBPUSD analysis - British pound melts down below 1.2600

OctaFx | May. 30, 2019
GBPUSD analysis - British pound melts down below 1.2600

30 May 2019, OctaFX – The British pound has come under heavy downside pressure against the US dollar, following another bearish intraday reversal on Wednesday.

GBPUSD technical analysis

The four-hour time frame is showing that the GBPUSD pair is close to the neckline of a large head and shoulders pattern. A break below the 1.2600 level will set-off the bearish pattern, which holds a downside target close to the 1.2450 level.

  • The GBPUSD pair is heavily bearish while trading below the 1.2600 level, key support is located at the 1.2550 and 1.2500 levels.

  • If the GBPUSD pair holds above the 1.2600 level, key intraday resistance is found at the 1.2640 and 1.2700 levels.

GBPUSD

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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